Comparative Study of Existing ATM Systems and Systems for Small Literature review

Comparative Study of Existing ATM Systems and Systems for Small Payment Transactions Using Mobile Phones - Literature review Example With the development and advent of e-commerce, the mobile transactions have also evolved and gained much popularity in recent years. In several small payment transactions, uses of direct cash have changed by mobile payment systems. It provides users the advantage of using mobile phone for any kind of financial transactions such as bill payment or purchase goods. The increasing uses of ATM system and mobile technologies in payment have also increased the security risks. In present days, these electronic means of money transaction involve several security threats from illegal activities such as card trapping, swapping, cloning, phishing, shoulder surfing, and smishing among others. These activities result in loss of huge money and account information of users. The paper will describe the existing ATM system and small payment transactions by using mobile technology along with the security issues of these systems. Keywords: ATM System Security, Small Payment Transactions, Mobile Technolo gies. Table of Contents Table of Contents 3 Literature Review 4 Introduction 4 Existing ATM System 4 Small Payment Transactions through Mobile Technology 6 Mobile Transaction 7 ATM System Security 9 Conclusion 11 References 12 Bibliography 17 Literature Review Introduction Presently, ATM system can be found in almost every bank and financial institution and the uses are growing rapidly. The paper will describe the ATM system and several security issues of this technology. ATM stands for â€Å"Automated Teller Machine† which is a real time methodology having extremely complex design and operation. ATM technology has been developed through â€Å"Real-Time Process Algebra† (RTPA) systems and â€Å"Unified Data Models† (Wang, 2010). The static actions of ATM machine are indicated by Unified Process Models for processing money transaction and dynamic actions are indicated by process precedence allocation, process disposition, and report processing simulations. The AT M system never performs autonomously it should be controlled by some banks and requires specialized software and computer which is aimed for performing the money transaction operations. The software of ATM must support the electronic system of bank (Wang, 2010). Existing ATM System This theme will provide a brief description about ATM system, how it performs and its importance. This section is relevant for conducting the research as it can help the reader to understand the characteristics of ATM system. ATM system is most efficient in microfinance institutions (MFIs) (Whelan, 2011) which take money and help customers in numerous sites throughout non-office hours. The value of a single ATM machine is almost 22,600 Pounds (Approximately 35,000 USD) and needs dependable electrical and communication networks (Whelan, 2011). In today’s dynamic business environment, the excellence in service quality and flexibility has become imperious for organisations to survive. The progress of machinery has empowered banks to deliver superior services for enhancing customer satisfaction. This is the reason, majority of banks provide self service delivery system such as ATM in order to increase self-sufficiency in performing the money transactions. In the banking sector, ATM system acts as a pioneering service which provides diversified facilities such as money withdrawal, account transfer, cash payment, credit card notices, check book applications, and other monetary queries (Khan, 2010). The advancement of ATM system is